Chicago Tops Country for Company Expansions & Relocations for Second Year in a Row
The winters in Chicago may be brutally cold and snowy, but according to a new report from the corporate real estate magazine Site Selection, businesses love the Windy City. According to the magazine, 385 companies either expanded their operations in or relocated to the Chicagoland area in 2014, earning the city the top spot on Site Selection's Top Metro in the US for the second year in a row. Some of 2014's most significant highlights revolved around the Merchandise Mart, which included Yelp's expansion into Chicago, Braintree's expansion plans and Motorola Mobility's big move from Libertyville to the top four floors of the building.
Chicago is known for its high taxes, its culture of corruption and the looming pension crisis, so why in the world would any company want to relocate or open a satellite office in the Chicagoland area? Site Selection says that the area's long held reputation as a major transportation hub and the region's talent pool has made the Chicagoland region competitive with other cities. And as companies continue to expand and relocate to Chicago, developers will have to keep up with the demand for office space and residences. It's no secret that River North's office market is red hot, however developers are banking on Fulton Market and Goose Island becoming the next important office centers in the city.